PORT WASHINGTON, N.Y.,
Jan. 30, 2015 /PRNewswire/
-- Systemax Inc. (NYSE: SYX) today announced that its
Industrial Products Group (www.globalindustrial.com) has completed
its previously announced acquisition of the Plant Equipment Group
("PEG"), a business-to-business direct marketer of maintenance,
repair and operations ("MRO") products, from TAKKT America for
$25.9 million in cash, subject to
certain post-closing working capital adjustments.
"The addition of PEG significantly enhances the footprint of our
Industrial Products business and allows us to strengthen the
service we provide customers," said Bob
Dooley, President of Global Industrial. "I would like to
welcome our new PEG employees to the Systemax family and look
forward to our continued growth and success."
PEG serves business customers within the North American MRO
market through its portfolio of well-established selling brands,
including its flagship U.S. brand C&H Distributors
(www.chdist.com, based in the U.S.); as well as Products For
Industry (www.productsforindustry.com, based in the U.S.);
IndustrialSupplies.com (based in the U.S.); Avenue Supply
(www.avenuesupply.ca - based in Canada); and C&H Productos
(www.chproductos.com, based in Mexico).
About Global Industrial
Global Equipment Company
(d/b/a Global Industrial) (www.globalindustrial.com) is a
subsidiary of Systemax Inc. Global Industrial carries over
1,000,000 industrial, material handling and business products for
Fortune 1000 companies, small businesses, institutions and
government agencies.
About Systemax Inc.
Systemax Inc. (www.systemax.com),
a Fortune 1000 company, sells industrial and technology products
through a system of branded e-Commerce websites, relationship
marketers and retail stores in North
America and Europe. The
primary brands are Global Industrial, MISCO, Inmac Wstore and
TigerDirect.
Forward-Looking Statements
This press release contains forward-looking statements about the
Company's performance. These statements are based on
management's estimates, assumptions and projections and are not
guarantees of future performance. The Company assumes no
obligation to update these statements. Actual results may
differ materially from results expressed or implied in these
statements as the result of risks, uncertainties and other factors
including, but not limited to: (a) unanticipated variations in
sales volume and margins, (b) fluctuations in economic conditions
and exchange rates, including factors impacting our substantial
international operations, (c) actions by competitors, (d) the
continuation of key vendor relationships, (e) timely implementation
of our shared services center in Hungary and transition of support
operations without disruption to our existing business, and
realization of the anticipated cost savings (f) the ability
to maintain satisfactory loan agreements with lenders, (g) risks
associated with the delivery of merchandise to customers utilizing
common carriers, (h) the operation of the Company's management
information systems and risks associated with e-commerce, and (i)
unanticipated legal and administrative proceedings, (j) changes in
sales tax laws affecting e-commerce retailers and (k) risks
associated with the integration of acquired businesses, including
our acquisition of PEG. Please refer to "Risk Factors" and
the Forward Looking Statements sections contained in the Company's
Form 10-K for a more detailed discussion of risk factors affecting
our business and an explanation of the inherent limitations in such
forward-looking statements.
Investor/Media Contacts:
Mike
Smargiassi / Nancy
Zakhary
Brainerd Communicators, Inc.
212-986-6667
smarg@braincomm.com / nancy@braincomm.com
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SOURCE Systemax Inc.